Do I need to worry about estate tax?

If you are a Maine resident and your assets are less than $5.7 million dollars (2019), then the answer is "no."  The amount is doubled at the Federal level.  This number includes all your assets – retirement, life insurance, real estate, and even assets held in revocable and many irrevocable trusts.  If you die with real estate in Maine, a simple form stating that your estate is under the amount is all that is necessary to be filed to release the property.  As a result of these higher exemption amounts, most people can have fairly simple estate plans, if they choose.  Some people with trusts may find that they have old language in their documents that is outdated and unnecessary.  If you are nearing the exemption levels in Maine it’s never too late to start gifting to keep your estate under the exemption amount.

– Kathryn Bedell, Esq.

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